London City Police have arrested a 31-year-old on charges related to fraud by abuse of position. UBS has not confirmed any connection between that arrest and Kweku Adoboli, a UBS director. “You can’t have someone arrested for violating your policies,” says ex-CISO at Bear Stearns & Co. Jennifer Bayuk, a professor at Stevens Institute of Technology, says it seems UBS’ unauthorized deals were not accidental. Bayuk: “SocGen was responsible for loose security controls, which really enabled the fraud in that case””]
Source: https://www.bankinfosecurity.com/how-did-ubs-lose-2-billion-a-4064